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Leading commercial property figure, Jim Fitzsimons has launched his new company, Capella Development with the announcement of a new development in Glasgow.
Mr Fitzsimons has concluded a deal with Barratt and Wilson Bowden to acquire the proposed £70m Atlantic Square development in Glasgow's International Financial Services District.
His team will also be appointed to continue to manage the £1.2b regeneration of the former Ravenscraig steelworks site, a project he has led for the past 10 years. The five-strong team at Wilson Bowden's Glasgow operation will join Fitzsimons at Capella and the new company will continue to operate from its current base in the city's Blythswood Square.
Atlantic Square will be the next significant development of the Atlantic Quay area, which has been developed by Fitzsimons and his team and is now Glasgow's fastest-growing city quarter. It will comprise two office buildings of 120,655 sq ft and 40,000 sq ft along with 62 residential apartments and ground-floor retail and leisure space. The site has been acquired by Capella with financial backing from Taylor Clark Ltd.
Fitzsimons and his team will also continue to drive forward the Ravenscraig project after securing agreement with Ravenscraig Ltd, the joint venture behind the development consisting of Wilson Bowden Ltd, Scottish Enterprise and Corus.
Work is already well under way on the £200m first phase of the 1,100 acre site with a £30m regional sports facility, a £70m campus for Motherwell College and 850 new houses. One of the largest regeneration projects in Europe, Ravenscraig will be the country's first new town in more than 50 years and is expected to create over 12,000 jobs over the next 15-20 years.
Mr Fitzsimons said: "This is a tremendous opportunity for Capella to be at the heart of two of the most significant commercial property and urban regeneration developments in Scotland. The agreement we have reached with Barratt/Wilson Bowden to acquire the Atlantic Square site means that we can press ahead with another major development in Glasgow's International Financial Services District."
(GK/JM)
